A sharp rise in digital fraud has led to record financial losses in Montana, highlighting the growing impact of cryptocurrency-enabled cybercrime.
According to the Federal Bureau of Investigation, residents in Montana lost nearly $53 million to cybercrime in 2025. This marks a significant jump from $31.6 million in 2024 and reflects a fivefold increase since 2021.
Officials say cryptocurrency scams are driving this surge. “Cryptocurrency-related investment and fraud is what we’re seeing such a drastic increase and change in,” said FBI Supervisory Special Agent Jeff Collins. “These criminals are convincing people to invest with cryptocurrency and people are dumping a lot of money in those schemes, not realizing it’s fraudulent, and losing staggering amounts.”
Crypto scams and rising fraud patterns
Nationwide, cybercrime losses have grown from $1 billion in 2015 to nearly $20 billion in 2025. Cryptocurrency fraud alone accounted for over $11 billion last year, despite phishing being the most reported crime with about 191,500 cases.
In Montana, investment scams made up about 20% of total losses. Around 482 victims lost more than $18 million to crypto-related crimes. Older residents aged 60 and above remain the most affected, losing $16.2 million.
Cases and evolving tactics
One major case involved Randall V. Rule, who was sentenced to 10 years in prison for laundering over $2 million through cryptocurrency from fake listings such as dating scams and real estate fraud.
Authorities also highlighted “pig butchering” scams, where fraudsters build trust over weeks before convincing victims to invest. In one case, a man in his 60s lost over $150,000 after being approached on X by a user posing as Elon Musk.
Social media and cyber threats
Cybercriminals are increasingly using social media platforms to run scams. Data shows billions of fake accounts are removed annually, yet fraud continues to spread. Lawmakers have introduced the Safeguarding Consumers from Advertising Misconduct Act to enforce stricter verification of advertisers and hold platforms accountable.
Other threats and enforcement
Ransomware attacks are also rising, targeting sectors like healthcare. In 2024, a cyberattack exposed data of 57,000 individuals linked to Planned Parenthood of Montana, while another attack cost a media company $2 million.
Authorities stress that reporting cybercrime is critical. Collins noted that investigations often succeed only when multiple victims come forward.
“It wouldn’t have been successful for us at all if just one person had reported they were a victim of a crime,” he said. “That’s why it’s so important for the public to report whenever they’re the victim of a cyber crime.”
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